‘Sammilita Islami Bank PLC’—the new entity formed through the merger of five financially troubled Islamic banks—has received final approval from Bangladesh Bank. The approval was granted on Sunday during a special board meeting chaired by Bangladesh Bank Governor Dr Ahsan H Mansur, reports UNB.
The bank, formerly known as United Islamic Bank PLC, is expected to begin full operations in the first week of December.
The merger brings together First Security Islami Bank, Global Islami Bank, Social Islami Bank, EXIM Bank, and Union Bank into a single consolidated institution. Bangladesh Bank has already begun necessary preparations, including opening designated accounts for the new bank at its Motijheel office.
Sammilita Islami Bank’s headquarters have been established at Sena Kalyan Bhaban in Motijheel, Dhaka.
According to the central bank, the new entity will have a total paid-up capital of Tk 35,000 crore—Tk 20,000 crore contributed by the government and Tk 15,000 crore from depositors’ shares. Its initially authorised capital is set at Tk 40,000 crore.
Bangladesh Bank expressed confidence that the consolidation will strengthen the Islamic banking sector, enhance financial discipline, and help restore overall stability.
Bd-pratidin English/ Jisan
